Imagine Economics as an Evolutionary Science

What might an evolutionary perspective mean for the future of economics?

By Geoffrey Hodgson In 1898, the great American institutional economist Thorstein Veblen published an article entitled: “Why is economics not an evolutionary science?” By “evolutionary”, Veblen explained that he meant an economics that took full […]

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How Capitalism Actually Generates More Inequality

Why extending markets or increasing competition won’t reduce inequality

By Geoffrey M. Hodgson At least nominally, capitalism embodies and sustains an Enlightenment agenda of freedom and equality. Typically there is freedom to trade and equality under the law, meaning that most adults – rich […]

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